3 reasons why companies are losing deals right now.
I reached out to Eric White from ponder* and asked what patterns he sees emerging from the lost win/loss interviews he’s conducting for his clients.
He shared 3 patterns on why companies are losing deals right now.
- JTBDs have changed.
They lied to you about customer jobs to-be-done being written in stone.
We have a trucking software client. A few years ago, their prospects were looking for help managing challenges that come with unprecedented demand.
But all the product and messaging work they did back then is irrelevant now as their customers need help managing cost and staff reductions.
Next year, it will be something new. Close-lost research gives you early warning signs about changing JTBDs.
2. Hungrier competition has changed what it means to be best in class.
A tightening economy means that your competition is getting smarter.
We have a client who sells a niche insurance product.
In the past, our client was best in class for responsiveness by allowing prospects to get a quote and demo presentation 2-3 days after making contact.
In the last year, competitors shifted their approach, and now best-in-class, responsiveness means allowing prospects to go straight to the demo without waiting.
Time to value still wins. But you have to stay on top of what that means.
3. Procrastination is growing its market share
Non-consumption was always your #1 competitor.
But across the board, we see procrastination impacting deals through the key stages of the funnel. Increased demo no-shows, increased “gone cold” frequency, more time spent evaluating proposals, more stakeholders in the process to slow things down.
What it means is that prospects are showing up in the funnel, making it part way through, going close loss, then coming back in a couple of months.
Only to repeat the process 3-4 times. Non-consumption is still a powerful competitor, but look out because procrastination is coming on fast.